By Gavin van Marle (The Loadstar) The US Federal Maritime Commission (FMC) yesterday approved THE Alliance’s plan for a $50m contingency fund in case one of its members becomes insolvent or suffers serious “financial distress”.
Each of THE Alliance’s members – Hapag-Lloyd, MOL, NYK, K line and Yang Ming – are to contribute an initial $1m and a further $9m in “additional … [Read more...]

By Alexander Whiteman (The Loadstar) - In response to the growing threat of cybercrime to the shipping sector, the UK government has launched a new code of practice to help shipowners improve security.
There are also concerns that vessels with insufficient protection against cyber-attacks could be arrested.
Parliamentary undersecretary for aviation, international and … [Read more...]

By Mike Wackett (The Loadstar) - With the first anniversary of the Hanjin Shipping bankruptcy just passed, there are growing fears that ocean carriers are sliding towards a new freight rate war.
There is a “clear sign that rate cutting is starting to take hold once again,” said Alphaliner.
“The rate truce carriers have largely abided by since Hanjin’s sudden exit now appears … [Read more...]

By Alexander Whiteman (The Loadstar) - European shippers are calling for “solutions not fights” to the continuing congestion at Antwerp and Rotterdam’s barge terminals, although they are resigned that it is unlikely to be resolved before the end of 2017.
Policy adviser for maritime at Dutch shippers’ council, Evofenedex, Rogier Spoel told The Loadstar that a meeting … [Read more...]

By Mike Wackett (The Loadstar) - MSC is reportedly finalising an order for 11 22,000 teu ships, joining CMA CGM in reactivating the orderbook for ultra-large container vessels (ULCVs), according to Alphaliner.
They represent the first orders for large containerships since the third quarter of 2015.
According to Alphaliner data, there are 59 ULCVs already in service … [Read more...]

By Mike Wackett (The Loadstar) - At least two Asia and Europe loops will need to be closed in the fourth quarter of the year, or sailings blanked, to avoid the prospect of excess capacity throwing supply and demand out of kilter.
According to new SeaIntel analysis, a capacity increase of 11.5% by the three east-west alliances between H2 2017 and H2018 will result in a weekly … [Read more...]

By Sam Whelan (The Loadstar) - Blockchain initiative 300cubits has created a new type of cryptocurrency to solve liner shipping’s US$23bn “booking shortfall” conundrum.
Named TEU, the de-facto industry currency is distributed as tokens on the Ethereum network and will be tradeable on various global cryptocurrency exchanges.
300cubits claims the tokens will help to … [Read more...]